BENTLEY SYSTEMS INC-CLASS B (BSY) Fundamental Analysis & Valuation

NASDAQ:BSY • US08265T2087

Current stock price

35.19 USD
-0.02 (-0.06%)
Last:

This BSY fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

9

1. BSY Profitability Analysis

1.1 Basic Checks

  • BSY had positive earnings in the past year.
  • In the past year BSY had a positive cash flow from operations.
  • In the past 5 years BSY has always been profitable.
  • Each year in the past 5 years BSY had a positive operating cash flow.
BSY Yearly Net Income VS EBIT VS OCF VS FCFBSY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M

1.2 Ratios

  • BSY has a better Return On Assets (7.81%) than 81.25% of its industry peers.
  • The Return On Equity of BSY (23.36%) is better than 88.24% of its industry peers.
  • With an excellent Return On Invested Capital value of 11.34%, BSY belongs to the best of the industry, outperforming 87.87% of the companies in the same industry.
  • BSY had an Average Return On Invested Capital over the past 3 years of 9.56%. This is in line with the industry average of 10.91%.
  • The last Return On Invested Capital (11.34%) for BSY is above the 3 year average (9.56%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 7.81%
ROE 23.36%
ROIC 11.34%
ROA(3y)8.19%
ROA(5y)6.72%
ROE(3y)27.63%
ROE(5y)27.23%
ROIC(3y)9.56%
ROIC(5y)8.51%
BSY Yearly ROA, ROE, ROICBSY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

1.3 Margins

  • BSY's Profit Margin of 18.50% is amongst the best of the industry. BSY outperforms 85.29% of its industry peers.
  • BSY's Profit Margin has improved in the last couple of years.
  • BSY has a Operating Margin of 24.63%. This is amongst the best in the industry. BSY outperforms 90.07% of its industry peers.
  • In the last couple of years the Operating Margin of BSY has grown nicely.
  • The Gross Margin of BSY (81.52%) is better than 84.56% of its industry peers.
  • BSY's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 24.63%
PM (TTM) 18.5%
GM 81.52%
OM growth 3Y9.07%
OM growth 5Y2.29%
PM growth 3Y5.19%
PM growth 5Y3.26%
GM growth 3Y1.29%
GM growth 5Y0.59%
BSY Yearly Profit, Operating, Gross MarginsBSY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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4

2. BSY Health Analysis

2.1 Basic Checks

  • BSY has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • The number of shares outstanding for BSY remains at a similar level compared to 1 year ago.
  • Compared to 5 years ago, BSY has more shares outstanding
  • Compared to 1 year ago, BSY has an improved debt to assets ratio.
BSY Yearly Shares OutstandingBSY Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
BSY Yearly Total Debt VS Total AssetsBSY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.2 Solvency

  • BSY has an Altman-Z score of 3.32. This indicates that BSY is financially healthy and has little risk of bankruptcy at the moment.
  • BSY has a Altman-Z score of 3.32. This is in the better half of the industry: BSY outperforms 64.71% of its industry peers.
  • The Debt to FCF ratio of BSY is 2.40, which is a good value as it means it would take BSY, 2.40 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 2.40, BSY is doing good in the industry, outperforming 64.71% of the companies in the same industry.
  • A Debt/Equity ratio of 1.05 is on the high side and indicates that BSY has dependencies on debt financing.
  • The Debt to Equity ratio of BSY (1.05) is worse than 76.10% of its industry peers.
  • Although BSY's pure debt/equity ratio does not look good, it has limited outstanding debt compared to the Free Cash Flow. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 1.05
Debt/FCF 2.4
Altman-Z 3.32
ROIC/WACC1.13
WACC10.04%
BSY Yearly LT Debt VS Equity VS FCFBSY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

2.3 Liquidity

  • A Current Ratio of 0.56 indicates that BSY may have some problems paying its short term obligations.
  • BSY has a worse Current ratio (0.56) than 91.54% of its industry peers.
  • BSY has a Quick Ratio of 0.56. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
  • BSY has a Quick ratio of 0.56. This is amonst the worse of the industry: BSY underperforms 91.18% of its industry peers.
Industry RankSector Rank
Current Ratio 0.56
Quick Ratio 0.56
BSY Yearly Current Assets VS Current LiabilitesBSY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. BSY Growth Analysis

3.1 Past

  • BSY shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 13.08%, which is quite good.
  • Measured over the past years, BSY shows a quite strong growth in Earnings Per Share. The EPS has been growing by 14.60% on average per year.
  • BSY shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.99%.
  • The Revenue has been growing by 13.38% on average over the past years. This is quite good.
EPS 1Y (TTM)13.08%
EPS 3Y12.94%
EPS 5Y14.6%
EPS Q2Q%28.57%
Revenue 1Y (TTM)10.99%
Revenue growth 3Y10.97%
Revenue growth 5Y13.38%
Sales Q2Q%11.94%

3.2 Future

  • The Earnings Per Share is expected to grow by 15.10% on average over the next years. This is quite good.
  • BSY is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.94% yearly.
EPS Next Y13.36%
EPS Next 2Y14.18%
EPS Next 3Y14.11%
EPS Next 5Y15.1%
Revenue Next Year13.81%
Revenue Next 2Y12.11%
Revenue Next 3Y11.65%
Revenue Next 5Y10.94%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
BSY Yearly Revenue VS EstimatesBSY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 500M 1B 1.5B 2B 2.5B
BSY Yearly EPS VS EstimatesBSY Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2

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4

4. BSY Valuation Analysis

4.1 Price/Earnings Ratio

  • BSY is valuated quite expensively with a Price/Earnings ratio of 29.08.
  • BSY's Price/Earnings ratio is in line with the industry average.
  • BSY is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.95, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 25.66 indicates a quite expensive valuation of BSY.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of BSY is on the same level as its industry peers.
  • BSY's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 38.68.
Industry RankSector Rank
PE 29.08
Fwd PE 25.66
BSY Price Earnings VS Forward Price EarningsBSY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, BSY is valued a bit cheaper than the industry average as 69.12% of the companies are valued more expensively.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of BSY indicates a somewhat cheap valuation: BSY is cheaper than 73.90% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 20.51
EV/EBITDA 27.09
BSY Per share dataBSY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4 -4

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The excellent profitability rating of BSY may justify a higher PE ratio.
  • A more expensive valuation may be justified as BSY's earnings are expected to grow with 14.11% in the coming years.
PEG (NY)2.18
PEG (5Y)1.99
EPS Next 2Y14.18%
EPS Next 3Y14.11%

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4

5. BSY Dividend Analysis

5.1 Amount

  • BSY has a yearly dividend return of 0.81%, which is pretty low.
  • Compared to an average industry Dividend Yield of 0.64, BSY pays a better dividend. On top of this BSY pays more dividend than 90.81% of the companies listed in the same industry.
  • With a Dividend Yield of 0.81, BSY pays less dividend than the S&P500 average, which is at 1.81.
Industry RankSector Rank
Dividend Yield 0.81%

5.2 History

  • BSY has been paying a dividend for over 5 years, so it has already some track record.
  • As BSY did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)N/A
Div Incr Years3
Div Non Decr Years5
BSY Yearly Dividends per shareBSY Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 2025 2026 0.05 0.1 0.15 0.2 0.25

5.3 Sustainability

  • 30.58% of the earnings are spent on dividend by BSY. This is a low number and sustainable payout ratio.
DP30.58%
EPS Next 2Y14.18%
EPS Next 3Y14.11%
BSY Yearly Income VS Free CF VS DividendBSY Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
BSY Dividend Payout.BSY Dividend Payout, showing the Payout Ratio.BSY Dividend Payout.PayoutRetained Earnings

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BSY Fundamentals: All Metrics, Ratios and Statistics

BENTLEY SYSTEMS INC-CLASS B

NASDAQ:BSY (4/21/2026, 12:27:04 PM)

35.19

-0.02 (-0.06%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)02-26
Earnings (Next)05-07
Inst Owners49.14%
Inst Owner Change-0.13%
Ins Owners40.35%
Ins Owner Change-0.62%
Market Cap10.67B
Revenue(TTM)1.50B
Net Income(TTM)277.80M
Analysts78
Price Target49.66 (41.12%)
Short Float %12.34%
Short Ratio5.74
Dividend
Industry RankSector Rank
Dividend Yield 0.81%
Yearly Dividend0.28
Dividend Growth(5Y)N/A
DP30.58%
Div Incr Years3
Div Non Decr Years5
Ex-Date03-10
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.01%
Min EPS beat(2)-2.54%
Max EPS beat(2)2.55%
EPS beat(4)3
Avg EPS beat(4)6.32%
Min EPS beat(4)-2.54%
Max EPS beat(4)13.82%
EPS beat(8)5
Avg EPS beat(8)8.42%
EPS beat(12)9
Avg EPS beat(12)11.66%
EPS beat(16)13
Avg EPS beat(16)11.98%
Revenue beat(2)2
Avg Revenue beat(2)1.09%
Min Revenue beat(2)0.63%
Max Revenue beat(2)1.54%
Revenue beat(4)3
Avg Revenue beat(4)0.33%
Min Revenue beat(4)-0.85%
Max Revenue beat(4)1.54%
Revenue beat(8)4
Avg Revenue beat(8)-0.43%
Revenue beat(12)6
Avg Revenue beat(12)-0.02%
Revenue beat(16)8
Avg Revenue beat(16)0.03%
PT rev (1m)-7.38%
PT rev (3m)-12.09%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-2.12%
EPS NY rev (1m)0.18%
EPS NY rev (3m)1.08%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.49%
Revenue NY rev (1m)0%
Revenue NY rev (3m)3%
Valuation
Industry RankSector Rank
PE 29.08
Fwd PE 25.66
P/S 7.11
P/FCF 20.51
P/OCF 19.82
P/B 8.97
P/tB N/A
EV/EBITDA 27.09
EPS(TTM)1.21
EY3.44%
EPS(NY)1.37
Fwd EY3.9%
FCF(TTM)1.72
FCFY4.87%
OCF(TTM)1.78
OCFY5.05%
SpS4.95
BVpS3.92
TBVpS-4.9
PEG (NY)2.18
PEG (5Y)1.99
Graham Number10.3336 (-70.63%)
Profitability
Industry RankSector Rank
ROA 7.81%
ROE 23.36%
ROCE 14.25%
ROIC 11.34%
ROICexc 11.91%
ROICexgc N/A
OM 24.63%
PM (TTM) 18.5%
GM 81.52%
FCFM 34.64%
ROA(3y)8.19%
ROA(5y)6.72%
ROE(3y)27.63%
ROE(5y)27.23%
ROIC(3y)9.56%
ROIC(5y)8.51%
ROICexc(3y)9.9%
ROICexc(5y)9.03%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)12.01%
ROCE(5y)10.69%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y20.92%
ROICexc growth 5Y-14.5%
OM growth 3Y9.07%
OM growth 5Y2.29%
PM growth 3Y5.19%
PM growth 5Y3.26%
GM growth 3Y1.29%
GM growth 5Y0.59%
F-Score9
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 1.05
Debt/FCF 2.4
Debt/EBITDA 2.87
Cap/Depr 27.71%
Cap/Sales 1.22%
Interest Coverage 47.14
Cash Conversion 123.58%
Profit Quality 187.26%
Current Ratio 0.56
Quick Ratio 0.56
Altman-Z 3.32
F-Score9
WACC10.04%
ROIC/WACC1.13
Cap/Depr(3y)28.08%
Cap/Depr(5y)28.65%
Cap/Sales(3y)1.43%
Cap/Sales(5y)1.56%
Profit Quality(3y)162.21%
Profit Quality(5y)184.66%
High Growth Momentum
Growth
EPS 1Y (TTM)13.08%
EPS 3Y12.94%
EPS 5Y14.6%
EPS Q2Q%28.57%
EPS Next Y13.36%
EPS Next 2Y14.18%
EPS Next 3Y14.11%
EPS Next 5Y15.1%
Revenue 1Y (TTM)10.99%
Revenue growth 3Y10.97%
Revenue growth 5Y13.38%
Sales Q2Q%11.94%
Revenue Next Year13.81%
Revenue Next 2Y12.11%
Revenue Next 3Y11.65%
Revenue Next 5Y10.94%
EBIT growth 1Y18.4%
EBIT growth 3Y21.03%
EBIT growth 5Y15.97%
EBIT Next Year20.78%
EBIT Next 3Y16.98%
EBIT Next 5Y17.09%
FCF growth 1Y23.49%
FCF growth 3Y26.69%
FCF growth 5Y16.55%
OCF growth 1Y23.7%
OCF growth 3Y25.21%
OCF growth 5Y15.83%

BENTLEY SYSTEMS INC-CLASS B / BSY Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for BENTLEY SYSTEMS INC-CLASS B?

ChartMill assigns a fundamental rating of 6 / 10 to BSY.


Can you provide the valuation status for BENTLEY SYSTEMS INC-CLASS B?

ChartMill assigns a valuation rating of 4 / 10 to BENTLEY SYSTEMS INC-CLASS B (BSY). This can be considered as Fairly Valued.


What is the profitability of BSY stock?

BENTLEY SYSTEMS INC-CLASS B (BSY) has a profitability rating of 9 / 10.


What is the earnings growth outlook for BENTLEY SYSTEMS INC-CLASS B?

The Earnings per Share (EPS) of BENTLEY SYSTEMS INC-CLASS B (BSY) is expected to grow by 13.36% in the next year.


How sustainable is the dividend of BENTLEY SYSTEMS INC-CLASS B (BSY) stock?

The dividend rating of BENTLEY SYSTEMS INC-CLASS B (BSY) is 4 / 10 and the dividend payout ratio is 30.58%.